Bansal Wire Industries is India’s largest maker of stainless steel wire and the country’s second-largest steel wire producer by volume - a manufacturer that turns steel wire rod into more than 3,000 distinct products for everything from car springs to fencing. The business began in 1938 as a wire trading house founded by Shri Shyam Sunder Gupta, incorporated as a manufacturer in 1985, and is now run by the third generation of the promoter family, with its shares listed on the Indian stock exchanges in July 2024. The recurring approach that explains the whole company is a cost-plus model paired with flexible, high-volume manufacturing: it buys wire rod - the single raw material - only against firm customer orders, passes input costs straight through, and can switch production lines between sectors as demand shifts, so it carries very little commodity-price risk. # Business segments A single steel-wire engine with four product families - stainless steel, high carbon, mild steel galvanised, and specialty - all running on the same manufacturing backbone, with the newest family built to capture import-substitution margins. ## 1. Stainless steel wires: the flagship and the market leader **The company is India’s largest stainless steel wire manufacturer by volume, holding a 20% market share in a segment that feeds consumer durables, automotive, and hardware - and it is adding a dedicated greenfield plant to extend that lead.** - **Corrosion-resistant, from 0.03 mm to 16 mm** - stainless steel wires are made from alloys of iron, chromium and nickel, prized for durability and low maintenance, and the company produces them across a diameter range wide enough to serve everything from precision components to heavy industrial uses. - **A fifth of the Indian market** - in Fiscal 2023, the company produced 72,176 tonnes of stainless steel wire, giving it roughly 20% of the domestic sub-segment, the strongest competitive position in its portfolio. - **Greenfield expansion in Gujarat** - through its wholly owned subsidiary BWI Steel, the company has secured land at Sanand and signed an MoU with the Ministry of Steel under the PLI Scheme for Specialty Steel, committing to 70,000 tonnes per year of new stainless steel wire capacity and a Rs. 70 crore investment proposed to be made during FY 2025-26 and 2026-27. ## 2. High carbon steel wires: the flexible industrial workhorse **These are the wires that go into springs, cutting tools and wear-resistant parts - a steady contributor with the ability to shift production lines between sectors as demand changes.** - **Built for demanding applications** - manufactured in sizes from 0.20 mm to 12.00 mm with multiple zinc and anti-rust coating options, high carbon wires are engineered for strength and tailored to individual customer specifications. - **Cross-sector flexibility** - the company’s plant setup lets it switch or add production lines from one end-market to another based on where industry demand is strongest, so the segment is not tied to any single sector’s cycle. ## 3. Mild steel galvanised wires: the volume backbone with a consumer push **Low-carbon, zinc-coated wires for power transmission, fencing, agriculture and construction - a high-volume, price-sensitive segment where the company is now building a direct-to-farmer brand.** - **0.10 mm to 16.00 mm, many coatings** - with carbon content between 0.05% and 0.25%, these wires are the everyday material for infrastructure and utility uses, generating moderate margins on large tonnages. - **B2C push into agriculture** - the company has moved beyond its traditional B2B model by launching 16 new product offerings for western and southern India, targeting fencing, barbed wire and grape farming, and building brand visibility directly with farmers; the B2C channel contributed 5% of revenue in the December 2025 quarter and carries better margins than the B2B business. - **Capacity expansion at Sanand** - alongside the stainless steel push, the Gujarat greenfield site will also add galvanised iron wire capacity, with land already allotted and commissioning targeted by FY27. ## 4. Specialty wires: the import-substitution bet **A portfolio of high-margin, value-added wires - steel tyre cord, hose wire, bead wire, IHT wire and LRPC wire - where the company is often the first or only Indian manufacturer, targeting markets that have relied on imports.** - **First and only Indian steel tyre cord maker** - steel cord is the reinforcement inside radial tyres for trucks, buses and passenger cars; India consumes 200,000-250,000 tonnes a year, all of it imported until Bansal Wire built its own capacity at Dadri and secured an exclusive equipment agreement from a global leader. - **Trial order from a top tyre maker** - customer approval for steel cord takes 9 months to 2 years, but in June 2026 the company received a trial purchase order from one of the industry’s largest manufacturers, a breakthrough that opens the door to rapid ramp-up once qualified. - **Hose wire and bead wire from the same infrastructure** - hose wire (for hydraulic hoses) and bead wire (for tyre beads) are produced as byproducts of the steel cord setup, and both were launched at Dadri in December 2024, expanding the addressable market to a combined 450,000 tonnes a year. - **IHT wire for automotive springs** - induction hardened and tempered wire goes into suspension and valve springs; Phase I of 9,000 tonnes ramped up ahead of expectations, and Phase II is adding another 6,000 tonnes on the same line. - **LRPC wire for construction** - low relaxation pre-stressed concrete wire reinforces bridges, beams and slabs; launched at Dadri in December 2025 with 18,000 tonnes of capacity, it was already generating positive EBITDA by the end of FY26. # Manufacturing backbone **Five plants, one centrepiece - the Dadri facility is India’s largest single-location steel wire plant and the platform on which every segment runs.** - **Dadri: 3.6 lakh tonnes and scaling** - the plant started production in January 2024 and can already produce 360,000 tonnes a year, with infrastructure in place to reach 600,000 tonnes; the first phase of expansion added roughly 120,000 tonnes during FY26. - **Machines sized for efficiency** - equipment at Dadri is built with 2 to 2.5 times the capacity of conventional machinery, which raises output per worker and improves yield consistency across the 3,000-plus product SKUs. - **Zero liquid discharge and solar power** - the plant runs an on-site effluent treatment plant with a 400 KLD zero liquid discharge system, uses an acid-free sand-belt cleaning process instead of chemical pickling, and is commissioning a 7.5 MW rooftop solar project. - **Flexible lines, no single-sector dependency** - production lines can be switched between sectors as demand shifts, and no single customer accounts for more than about 5% of revenue, with no sector above roughly 25%. # Group structure and partners **A parent company with two wholly owned subsidiaries - one absorbed to eliminate a common pursuit, the other built from scratch for the Gujarat expansion - plus job-work ties to two promoter-group entities that are being phased out.** - **Bansal Steel & Power Limited (BSPL)** - acquired in two steps between December 2023 and August 2024 for Rs. 42.79 crore, BSPL manufactures steel wire products and does job-work exclusively for the parent; the acquisition was a related-party transaction designed to remove overlap between the two companies. - **BWI Steel Private Limited** - incorporated in October 2024 as a wholly owned subsidiary to build the Sanand greenfield plant; it has been allotted 170,000 square metres of industrial land by GIDC and signed a PLI MoU for 70,000 tonnes of stainless steel wire capacity. - **Job-work partners winding down** - Balaji Wires and Bansal High Carbons, two promoter-group entities, currently produce some quantities on job-work for the company, but these are less efficient plants expected to shut as production moves to Dadri.